The relationship between carbon credit offsetting and blockchain technology is transforming the carbon credit marketplace. IMPT, an ecosystem that connects global retail brands with socially responsible individuals and businesses, is using Web3 technologies, specifically the Ethereum blockchain, to promote transparency and verification in the industry. IMPT's innovative platform will allow users to earn loyalty points, which they can then exchange for carbon credits, demonstrating their commitment to reducing their carbon footprint. This approach shifts away from the previous expectation of radical lifestyle changes and empowers consumers to make a tangible impact on climate change.
Denis Creighton, the CEO and Co-Founder of IMPT, has a long-term vision of helping businesses and individuals lower their carbon footprint and contribute to global sustainable development through everyday actions. The following is an interview with Denis, discussing IMPT and its goals.
What is IMPT?
IMPT is a carbon-offsetting ecosystem designed to connect global retail brands with socially responsible individuals seeking to reduce their carbon footprint. IMPT enables users to make a simple change in their shopping habits and contribute to sustainable global development by acquiring carbon credits through everyday purchases. The platform’s tech stack demonstrates the true value of Web3 by unlocking transparency and verification in the carbon credit industry. Through IMPT’s new retail shopping platform and mobile apps, users can seamlessly acquire and retire carbon credits while doing their regular shopping from thousands of its affiliate brand partners, making you an eco-conscious shopper easier than ever.
Can you introduce the leadership team and their respective roles?
The leadership team consists of myself, Denis Creighton, Mike English and Hugh Phelan. As CEO and Co-Founder, I have co-created IMPT with a lasting vision in mind, to help both businesses and individuals achieve a lower carbon footprint and to contribute to global sustainable development through everyday actions.
Mike English, Co-Founder and Chief Technology Officer provides invaluable insight to IMPT through his expertise within decentralized technologies by underpinning IMPT’s vision of accessible and sustainable global development.
Hugh Phelan, Chief Legal Officer, oversees all aspects of regulatory compliance in relation to blockchain and smart contracts on behalf of IMPT to ensure that values and company ethos align.
What led you to create IMPT? Can you tell us a bit more about your background?
My background has led me down an interesting path and I have learnt a lot along the way. For instance, I have always been curious and eager to learn more about emerging technologies, which led me to kick-start my career in the early 80s with Wang Computers.
As my career evolved, I began working in telecommunications as a computer programmer and systems analyst. I then moved to the first mobile start-up in Ireland as Head of IT Development. From there, I worked across a variety of different industries, building a portfolio of experience. I joined Conduit as their COO/CTO, and during my time there, we became the biggest DQ provider in Europe.
I later became the CEO of a large BPO provider, working with global brands like Vodafone, Sky, and BT. Great technology has always underpinned the industries I have worked in and has certainly come a long way since then, and so too has the state of the world’s climate.
I had an idea, if I could combine both my passion for technology and global sustainable development, what would that look like? What if people could shop and do their bit for the environment, at the same time? IMPT has the power to give both socially conscious and somewhat unconscious shoppers the ability to make a difference to the planet by reducing their carbon footprint through easy and adaptable ways. Our goal with this platform is to provide everyone with the opportunity to help support hundreds of environmental projects worldwide, in ways that are applicable to an everyday lifestyle.
What does IMPT stand for and why is it ‘The Planets Loyalty Programme?
IMPT stands for impact! We chose to describe IMPT as ‘The Planets Loyalty Programme’ due to our commitment to improving global sustainable development. At IMPT, we believe that everyone should have the opportunity to help the planet recover from climate change, regardless of accessibility to carbon credits. We connect individuals with globally responsible brands and businesses who wish to lower their carbon footprint, and we expect more than 10,000 of the biggest retailers around the world to join IMPT with over 2 billion individual projects. IMPT users will be able to measure their impact as we establish the first global loyalty program that verifies just how impactful we all are. Politicians make policy, however, it is down to us, entrepreneurs, business people, and the general public to make the changes necessary.
That is why we are the ‘Planet’s Loyalty Programme’ and, to that point, have launched our Retail Partnership Network which will provide retailers with the opportunity to partner with IMPT, becoming part of the loyalty programme, while also demonstrating their green credentials and empowering their customers to offset carbon credits every time they shop.
What is a carbon credit? How does IMPT allow users to offset their carbon footprint?
Carbon credits, also known as carbon offsets, are permits that represent carbon emissions removed from the atmosphere. A carbon credit can be referred to as a mechanism that provides for reducing greenhouse gas emissions. One carbon credit permits the emission of one ton of carbon dioxide. IMPT leverages blockchain to make the carbon market credible, transparent, verifiable, and environmentally robust. IMPT makes the process of earning carbon credits affordable for each member of society. Users won’t need to go through complex procedures to purchase a carbon credit. Our platform will allow them to acquire carbon credits and help the planet while doing their regular shopping and without changing their habits.
How did you select projects to partner with IMPT?
Our platform features hundreds of the largest global carbon credit projects that help prevent or reduce carbon emissions. The current carbon market sets specific requirements for projects, which they must meet. IMPT strictly follows carbon credit regulations and standards and onboards only certified projects that have passed the audit and adhere to all the requirements of the carbon market.
The platform provides each user with a variety of options on how to offset carbon emissions. It can be forest protection from deforestation, projects that recover energy (solar, hydro) through various sources, carbon storage projects, methane capture, and more. Users will be able to choose any of the projects they like or are most interested in.
IMPT leverages blockchain technology, how is blockchain a solution to many challenges within the carbon offsetting industry?
IMPT relies on blockchain technologies to ensure the tokenization of carbon credits and facilitate the transparent recording of transactions. Carbon asset tokenization will allow companies and organizations to provide official certificates that can be used as verified proof of their carbon offset initiatives, backed by immutable blockchain transactions that anyone can view. We believe that incorporating blockchain will provide solutions to the challenges that the carbon credit offsetting market faces. For example, one challenge that the carbon credit market faces is double-counting which is when two different parties claim the same carbon removal or reduction credit. This takes away from the real value carbon offsetting can offer society. Blockchain ensures that no network participant can spend more than they have or spend what they have more than once.
What is coming down the tracks for IMPT?
There are a lot of really exciting announcements coming down the pipeline for IMPT. IMPT recently announced the launch of our retail shopping platform, available at IMPT.io on Apple Store and on Google Play, which will give consumers the tools necessary to acquire and retire carbon credits while doing their regular shopping across thousands of its affiliate retail brands, including Amazon, Ebay, Nike, and Samsung. We recently launched our Retail Partnership Network, which is the ‘first of a kind’ on the Blockchain. As a partner, you will have exclusive rights to operate and expand our Retail Network and be part of The Planet’s Loyalty Program.
Each time a user buys a product while shopping on the IMPT platform, a percentage of the total purchase price will be allocated to their account in the value of IMPT tokens. Consumers then can use accumulated tokens to acquire carbon credits that are provided in the form of an NFT. These carbon credits can then be allocated to a range of environmental projects of their choice, giving shoppers a direct stake in global sustainable development.
We have many more exciting announcements coming down the tracks and welcome everyone with interest in lowering their carbon footprint to join our community and play an integral role in accelerating the health of our planet. People can discover more about our work towards a sustainable future on our LinkedIn, Twitter, and Instagram channels. We also have a great community on Telegram and Discord which readers can join to connect with others and read the latest announcements and project news first hand from our leadership team.
We connect individuals with globally responsible brands and businesses who wish to lower their carbon footprint, and we expect more than 10,000 of the biggest retailers around the world to join IMPT with over 2 ""billion"" (Milli